In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for...

Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for...

We present some stylised facts about the composition of public investment in Europe and analyse its determinants, with a special focus on the role of fiscal decentralisation. The empirical analysis is conducted both for levels of different types of public investment and for their shares in total...

The empirical identification of non-linearities in investment relies on how investment is assumed to be separated into various regimes. Using German establishment-level panel data, we estimate a two-regime model of replacement and expansion investment which allows us to observe regime...

The present paper adds to the already large existing literature on aid distribution as it runs an equation on bilateral aid allocation on a very rich dataset, covering 20 years (1980-99), 22 donors and 137 recipients, which permits a three-dimensional panel study (recipient-year-donor) and...

Applying data from 13 waves of the Swiss Labor Force Survey (1991-2003) I assess costs and benefits of fixed-term contracts. First, I analyze the existence of a contract related wage gap and the effort response of temporary employees in terms of unpaid overtime hours. Second, I investigate...

This study aims to investigate the cost efficiency of Turkish commercial banks over the restructuring period of the Turkish banking system, which coincides with the 2008 financial global crisis and the 2010 European sovereign debt crisis. To this end, within the stochastic frontier framework, we...

This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks' take-up decisions are the...

A mortgage borrower has several options once a foreclosure proceedings is initiated, mainly default and prepayment. Using a sample of FHA mortgage loans, we develop a dependent competing risks framework to examine the determinants of time to default and time to prepayment once the foreclosure...

This paper considers the estimation of dynamic threshold regression models with fixed effects using short panel data. We examine a two-step method, where the threshold parameter is estimated nonparametrically at the N-rate and the remaining parameters are estimated by GMM at the ÍN-rate. We...